Gate News message: On April 2, Paul Grewal, the chief legal officer of a certain CEX, said in an interview with Fox Business that the debate over stablecoin yield in the upcoming U.S. “Clarity Act” is “very close” to reaching an agreement. Grewal noted that the crypto market structure bill is moving forward; although the debate over stablecoin yield is still ongoing, the parties are increasingly recognizing that while incentive mechanisms are important, other key elements in the bill are also crucial to realizing President Trump’s vision of making the United States the “global crypto hub.”
U.S. banking industry players had previously lobbied for the “Clarity Act” to include a provision banning rewards for idle stablecoin balances offered by crypto platforms, arguing that this could cause large-scale outflows of bank deposits. In response, Grewal said there is currently no evidence that deposit outflows are actually happening, and cautioned that the issue of stablecoin yield should not be conflated with the other challenges the banking industry faces. Grewal expressed optimism about the bill’s prospects, saying he expects the Senate Banking Committee to begin review hearings within the next few weeks and ultimately hold a full vote.
This CEX and its CEO, Brian Armstrong, have previously and repeatedly publicly opposed versions of the bill that would ban rewards for idle stablecoin balances, arguing that such restrictions would stifle American innovation and harm consumers’ interests. Meanwhile, the CEX’s share price (COIN) has fallen 50% over the past six months amid the continued weakness in the crypto market; on Wednesday (April 2), it closed down 0.9% at $172.99.
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